Blockchain

Vitalik Buterin expressed appreciation for cross-chain applications

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In a Reddit post on Friday, Ethereum co-founder Vitalik Buterin (Ethereum), Overview Focus on the key security issues of cross-chain bridges in the blockchain ecosystem.As Buterin said, storing native assets directly on the chain (Ethereum on Ethereum, Solana on Solana, etc.) provides a certain degree of Immune to 51% attacksEven if hackers manage to censor or reverse transactions, they cannot propose blocks to take away their cryptocurrency.

This rule also applies to Ethereum applications. For example, if a hacker launches a 51% attack (by controlling 51% of all circulating ETH supply) and the investor exchanges 100 ETH for 320,000 DAI stablecoins, the final state remains the same, that is, the investor will always receive 100 ETH or 320,000 Wear.

However, Buterin went on to say that the same level of security does not apply to cross-chain bridges. In his example, if an attacker deposits his ETH into Solana (Sol) The bridge obtains Solana-packaged ether (WETH), and then resumes the transaction on the Ethereum side immediately after Solana’s confirmation. This will cause devastating losses to other users whose tokens are locked in the SOL-WETH contract, because the packaged The tokens are no longer backed by the original tokens in a 1:1 ratio.

Buterin further outlined how security vulnerabilities can have a negative impact as more bridges are added to the cross-chain network. In a theoretical network consisting of 100 chains, a high degree of interdependence and overlapping derivatives means that 51% attacks on one chain, especially small-cap stocks, may lead to system-wide spread. according to For Crypto 51, the cost for hackers to launch a 51% attack vector on the Ethereum network is as high as $1.78 million per hour. However, the cost of blockchains such as Bitcoin Cash has dropped to $13,846 per hour.

related: Vitalik proposes a new “multi-dimensional” Ethereum fee structure